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Bank Training Center offers CISP training and certification information for those individuals interested in earning the prestigious Certified IRA Services Professional certification.
The Certified IRA Services Professional (CISP) certification is the undisputed professional credential for financial services professionals who have dedicated IRA operational and technical experience.
The CISP designation signifies that an individual working in this field has attained comprehensive training in the following professional knowledge areas: Employer Plans - SEP and Simple, IRA Documentation and Maintenance Requirements, IRA Eligibility and Contribution Requirements, Retirement Plan Portability, IRA Distribution Requirements, IRA Fees and Investments, IRA Estate Planning.
Curriculum
Candidates must pass an examination that covers the knowledge areas below:
1. Employer Plans - SEP and SIMPLE(10% of the exam) – Eligibility, Contributions, Portability, Distributions, Reporting, Plan establishment and maintenance, Employer tax benefits
2. IRA Documentation and Maintenance Requirements (10% of the exam) - Plan establishment and maintenance, IRA disclosure statements and notices, Beneficiary designation, Electronic documentation, Reporting and associated penalties
3. IRA Eligibility and Contribution Requirements (15% of the exam) - Contribution eligibility, Deductibility and other tax issues, Excess contributions rules and penalties
4. Retirement Plan Portability (25% of the exam) – Transfers, Rollovers, Conversions, Recharacterizations
5. IRA Distribution Requirements (20% of the exam) - General taxation and withholding rules, Required Minimum Distributions (RMD), Death distribution rules, Penalties and corrective measures
6. IRA Fees and Investments (10% of the exam) - Prohibited transaction and investment rules, Investment fees and disclosure rules, Investment and related issues, Account valuation requirements
7. IRA Estate Planning (10% of the exam) - Beneficiary selection, Trust issues, Estate and income taxation
Examination Requirements
The qualifying exam consists of 150 multiple-choice questions; three hours is provided in which to complete the exam. Candidates may retake the exam if they do not pass; the exam re-take fee is $150. Candidates have the option of taking the exam in one of two formats:
A proctored exam at the candidate’s company, with an ICB-certified member serving as exam proctor
At an exam site that is within 2 hours driving time from the candidate's company
Additional Requirements
Candidates must meet the experience, education, ethics and examination requirements determined to be competency measures for IRA professionals:
Professional Experience & Education: must meet one requirement
A minimum of two (2) years of dedicated IRA operational and technical experience, and the completion of an ICB approved educational program
Four (4) years of dedicated IRA operational and technical experience
Professional Reference - One letter of recommendation that attests to your qualifications for certification including your IRA experience
Ethics Statement - Each candidate must sign ICB's Professional Code of Ethics statement, which is the last page of the application.
Application – Candidates must complete and submit an application, affirming that they comply with the eligibility requirements at the time of submission; application fee is $295, covers exam as well
Continuing Education Requirements
Each certificant must complete twenty-four (24) credits of continuing education every three (3) years; fifty (50) minutes of instruction equals one (1) credit. Certificants are allowed to carry over up to eight (8) credits per three-year cycle.
An annual membership fee of $199 also is required to keep certification active.
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Bank Training Center offers Certified IRA Services Professional program information for those individuals interested in earning the prestigious CISP certification.
